This indicator is basically the combination of two indicators Eliot and Fibonacci. The Eliot Fibonacci indicator or used for trading purposes. This Eliot + Fabonacci Indicator work with the help of waves that represent result on the chart.
Eliot + Fabonacci Indicator
The Fibonacci numbers and Eliot waves are used for trading. Fibonacci numbers are used in the correction of the problems that occur during trading.
Wave Procedure Eliot + Fabonacci Indicator:
The wave procedure of this indicator is as follows:
The first wave is not used for trading. But this can be used for trading analysis.
The second wave tells the trading trend of the market by taking different ratios of different time frames.
The third wave is used for long-term trading and gives long trading results.
The fifth wave displays the result on the base of all previous wave results.
This Eliot + Fibonacci Indicator totally uses a five-wave scheme for displaying the different trading results. This five-wave scheme is also divided into two different phases. Such as the impulsive phase and the second is the corrective phase.
This is a type of Eliot + Fibonacci Indicator that can be used for the combined indicator analysis.